Core Points - The company announced the convening of its 20th meeting of the 10th board of directors on August 8, 2025, to discuss the revision of the company's articles of association [2] - For the year 2024, the company's revenue composition is as follows: construction materials account for 84.8%, environmental new materials account for 8.28%, and other industries and services account for 6.91% [2]

Group 1 - The revenue composition of Conch New Materials for the year 2024 is as follows: 84.8% from building materials, 8.28% from environmental new materials, and 6.91% from other industries and services [1] Group 2 - On August 8, 2025, Conch New Materials announced the approval of a proposal to publicly sell part of its assets, including land, buildings, and supporting facilities located in Wuhu City, Anhui Province, with a starting price of 94.5 million yuan (including VAT) [2] - The asset valuation is based on an assessment conducted by Beijing Huaya Zhengxin Asset Appraisal Co., Ltd. as of April 30, 2025, and the final transaction price will be determined through public bidding [2]

Macro Overview - The U.S. labor market shows signs of fatigue, with non-farm employment growth nearly stagnating over the past two months, which historically indicates economic distress or the need for intervention [4] - Despite the weak labor data, the probability of a recession remains manageable, with the New York Fed predicting a 28.71% chance of recession in the next 12 months [4] - The U.S. economy is experiencing a slowdown in consumption and investment due to high interest rates and uncertainty in tariff policies, although the overall economic resilience was strong in the first half of the year with a GDP growth rate of 5.3% [4] Domestic Policy Insights - The current policy focus is on observing the economic conditions in consumption, exports, and real estate, with a shift towards long-term mechanisms for sustainable economic development [4] - The government is expected to prioritize high-quality economic development and establish long-term sustainable growth mechanisms during the "14th Five-Year Plan" period [4] - If GDP growth falls below 4.7% in the third quarter, there may be considerations for additional policy measures [4] Market Strategy and Asset Allocation - The A-share market is expected to experience a slow upward trend, supported by strong economic fundamentals and high market activity, although valuation recovery may slow down [4] - The focus for investment should be on long-term allocations in sectors such as banking, dividends, and broad-based indices, with a cautious approach to chasing high valuations [4] - The market is witnessing a structural rotation with opportunities in themes like technology (AI, computing power, chips), military, pharmaceuticals, stablecoins, rare earths, and cyclical sectors [4] Asset Class Outlook - A-shares are viewed as relatively optimistic, while Hong Kong stocks and U.S. stocks maintain a neutral stance [6] - Credit bonds and convertible bonds are also seen as relatively optimistic, indicating a favorable outlook for fixed-income investments [6] - The outlook for commodities like oil remains cautious, reflecting ongoing uncertainties in the global market [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for the first half of 2025 was 13.6 billion yuan, a year-on-year decrease of 11%, with a net profit attributable to shareholders of 560 million yuan, down 40% year-on-year [3][10]. - The company is experiencing a decline in revenue across various product categories, with waterproof membranes, coatings, and mortar powder revenues decreasing by 9%, 17%, and 6% respectively [10]. - Retail revenue has continued to rise, accounting for approximately 37% of total revenue, despite a 7% year-on-year decline, while engineering revenue decreased by 12% [10]. - The company has begun to see the effects of cost reduction and efficiency improvements, with a gross margin of approximately 25.4% for the first half of the year, down 3.8 percentage points year-on-year [10]. - A price adjustment strategy was implemented, with price increases for waterproof coatings and other products aimed at restoring profitability [10]. - The company is expanding its overseas market presence by acquiring a 100% stake in Chile's Construmart S.A. for 1.23 billion USD, which will enhance its distribution capabilities in the region [10]. - The company plans to distribute a cash dividend of 9.25 yuan per 10 shares, totaling 2.21 billion yuan, indicating an attractive dividend yield [10]. Financial Summary - The company's total revenue for 2024 is projected at 28.06 billion yuan, with a net profit of 1.08 billion yuan [14]. - The estimated net profit for 2025 and 2026 is approximately 1.8 billion yuan and 2 billion yuan respectively, with corresponding valuations of 16 and 14 times [10][14].

证券代码：900939 证券简称：汇丽 B 公告编号：2025-031 上海汇丽建材股份有限公司 关于股份回购的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购方案首次披露日 2025/5/21 √为维护公司价值及股东权益 累计已回购股数 125.3836万股 累计已回购股数占总股本比例 0.6908% 累计已回购金额 34.76万美元，折合人民币 248.54万元 实际回购价格区间 0.203美元/股~0.420美元/股 一、 回购股份的基本情况 十届董事会第十三次（临时）会议，审议通过了《公司关于以集中竞价交易方式 回购股份的预案》，同意公司使用自有资金通过上海证券交易所交易系统以集中竞 价交易方式回购公司股份。公司回购股份的用途为维护公司价值及股东权益，回 购价格不超过 0.510 美元/股（含），回购资金总额不低于人民币 300 万元（含）， 不超过人民币 600 万元（含），回购期限为自公司董事会审议通过本次回购方案之 日起 3 个月内。具体内容详见公司于 2025 年 5 月 21 日 ...

Core Viewpoint - The "anti-involution" concept is experiencing a temporary pullback, but this does not fundamentally change the valuation logic driven by policies aimed at regulating industry competition and promoting technological upgrades [1][3]. Market Performance - Coal ETF (515220) fell over 3%, Steel ETF (515210) dropped over 2%, while Building Materials ETF (159745) and Photovoltaic 50 ETF (159864) decreased nearly 1.5% [1]. - The market's pullback is seen as a release of high market sentiment rather than a reversal of underlying valuation logic [1]. Policy Implications - The core of the "anti-involution" policy focuses on standardizing industry competition, eliminating inefficient capacity, and reshaping the profit model of cyclical industries [1]. - Historical data shows that during the last supply-side reform from February 2016 to the end of 2017, the building materials industry rose by 45.75%, steel by 41.61%, and coal by 31.55% [1]. Investment Opportunities - Coal ETF (515220) has a market size exceeding 7 billion, tracking the China Coal Index [4]. - Steel ETF (515210) has surpassed 3 billion in size, tracking the China Steel Index [4]. - Building Materials ETF (159745) is the largest in its category with a size of 1.49 billion, tracking the China Building Materials Index [4]. - Photovoltaic 50 ETF (159864) has seen a net inflow exceeding 200 million for five consecutive days, tracking the China Photovoltaic Industry Index [4]. Economic Outlook - Citic Securities indicates that "anti-involution" may help stabilize the decline in PPI, and with demand-side expansion policies, a low-price state may be overcome [3]. - Huatai Securities suggests maintaining flexibility in trading strategies due to various events in August, while focusing on the effectiveness of "anti-involution" policies in the medium term [3].

Domestic Market Overview - The domestic market experienced a strong upward trend with both volume and price increasing, as the Shanghai Composite Index closed at 3559.79 points, up 0.72%, and the Shenzhen Component Index closed at 11007.49 points, up 0.86% [1][9] - Among the 30 first-level industries, 27 saw an increase, with construction materials, construction, and steel leading the gains, while only banking, comprehensive finance, and computers experienced slight declines [1][9] - The total trading volume in the A-share market reached 172.71 billion yuan, showing an increase compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.04%, the S&P 500 up 0.14%, and the Nasdaq up 0.38% [2] - The Chinese concept stocks showed mixed performance, with Huya rising over 16% [2] Key News Highlights - The Ministry of Commerce reported that the national online retail sales increased by 8.5% from January to June [3][14] - The China Internet Network Information Center (CNNIC) released its 56th statistical report, indicating that as of June, the number of internet users in China reached 1.123 billion, with an internet penetration rate of 79.7% [3][15] - The State Council published the "Housing Rental Regulations," effective from September 15, 2025, aimed at regulating housing rental activities and promoting high-quality development in the rental market [3][11][12] Market Drivers - The National Energy Administration reported that the total electricity consumption in June was 867 billion kWh, a year-on-year increase of 5.4%, with a cumulative electricity consumption of 4841.8 billion kWh from January to June, up 3.7% [10][19] - On the same day, 4005 stocks in the A-share market rose, with 382 stocks increasing by over 5%, indicating a strong market sentiment [10]

新京报讯（记者张洁）7月21日，新京报记者从集美家居获悉，由集美控股集团有限公司与IEC国际环境建设联合主办的"共建国际供应链 引领建材新未 来"签约仪式近日在北京集美家居大红门旗舰商场举行，标志着双方的战略合作正式启航，将共同打造"IEC国际建材供应链展销中心（国际建材科技馆）"。 双方将充分发挥各自优势，通过"IEC国际建材供应链展销中心"这一创新平台，为建材行业注入新动能，推动中国建材产业向国际化、智能化、绿色化方向 发展。 编辑 王琳 集美控股集团执行总裁刘志萍。受访者供图 集美控股集团执行总裁刘志萍表示，"集美控股集团与华诚远大集团正式签约共建IEC国际建材供应链展示中心，通过资源整合与创新模式打造全球化建材 平台，开启传统产业与高科技融合的新篇章。"集美控股集团董事长赵建国称"此次与IEC合作是'联合舰队'的共赢模式，旨在整合资源、共谋发展"，"集美 家居愿携手合作伙伴，以创新产品与模式共建国际供应链，在建材及关联健康领域探寻发展机遇，引领行业新未来，实现互惠共赢。"IEC国际环境建设创 始人姚建业分析了建材出海的痛点与解决方案，提出"数据出海"与"连锁发展"战略，设计技术转化与国际认证服务。 本 ...

Group 1: Accelerating Development in Information and Communication Industry - Accelerate the deployment of 5G-A and ten-gigabit optical networks [1] - Promote the synergy between industrial internet and artificial intelligence [1] - Advance the research and development of 6G technology, focusing on the cultivation of application industry ecosystems for 6G [1] - Gradually open up value-added telecommunications services to foreign investment, supporting more foreign enterprises to participate in pilot projects [1] Group 2: Implementing New Round of Growth Stabilization Actions - A new growth stabilization work plan for industries such as machinery, automotive, and power equipment will be issued soon [2] - Continuous implementation of high-quality development plans for copper, aluminum, and gold industries [2] - Work plans for ten key industries including steel, non-ferrous metals, petrochemicals, and building materials will be released shortly [2] - Focus on structural adjustments, supply optimization, and phasing out outdated production capacity in key industries [2] - Accelerate the implementation of "Artificial Intelligence +" actions, promoting the deployment of large models in key manufacturing sectors [2] - Foster innovation and development in future industries such as humanoid robots, metaverse, and brain-computer interfaces, with a proactive layout in new fields and tracks [2] Group 3: Promoting Intelligent and Green Transformation and Upgrading - A digital transformation implementation plan for the automotive industry will be issued [3] - Implementation plans for digital transformation in machinery and power equipment industries will be executed [3] - Digital transformation plans for textiles, light industry, food, and pharmaceuticals are forthcoming [3] Group 4: Supporting Healthy Development of Small and Medium Enterprises - Special actions will be launched to address the issue of overdue payments to small and medium enterprises [4] - Research and revision of the classification standards for small and medium enterprises will be conducted, facilitating tax and fee policies to benefit small and micro enterprises [4] - The establishment of the second phase of the National Small and Medium Enterprises Development Fund will be promoted, attracting more social capital for early, small, long-term, and hard technology investments [4]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry, indicating an expectation of performance that is stronger than the market benchmark index by more than 5% [6]. Core Viewpoints - The report suggests that while the real estate sector continues to face pressure, the impact on the building materials sector's valuation is limited, and there is potential demand release from urban renewal initiatives [4][9]. - Investors are becoming desensitized to the declining demand from the real estate sector and are increasingly focused on the potential for stabilization measures and urban renewal policies to drive demand [9]. - The political emphasis on urban renewal is expected to enhance demand for certain building materials, such as pipes, coatings, and waterproofing products [9]. - Companies that have shown operational improvements and are positioned in favorable market segments are likely to benefit from future growth opportunities, with a specific recommendation to pay attention to the leading paint company, Sankeshu (三棵树) [4][9]. Summary by Sections Real Estate Sector Impact - The real estate sector's demand for building materials remains under pressure, with new construction area down by 20% year-on-year and completed area down by 14.8% in the first half of 2025 [9]. - Despite the ongoing downturn, investor sentiment is shifting towards expectations of policy support to stabilize the market [9]. Urban Renewal Initiatives - Recent government policies emphasize the importance of urban renewal, which is expected to become a key focus for local governments and could stimulate demand for specific building materials [9]. - The central government's initiatives aim to establish sustainable urban renewal models and accelerate the transformation of urban spaces [9]. Company Performance - Some companies are emerging from challenging periods with improved operations, exemplified by Sankeshu's projected net profit increase of 190% to 290.9% year-on-year for the first half of 2025 [9]. - The report indicates that if stronger measures to stabilize the real estate market are implemented, companies that have already improved their operations may see further benefits [9].